xtraCHEF, a Hospitality Cost Intelligence and Accounts Payable Platform, Announces $3 Million Financing to Fuel Growth
xtraCHEF, a cloud-based cost intelligence and accounts payable (AP) platform built specifically for the hospitality industry, announced $3 million in funding. The financing was led by Laconia Capital Group, a New York-based full-service venture capital firm, and included investments from Connectivity Ventures (New York), The Howard Sukonick Investment Group and Ben Franklin Technology Partners (Philadelphia).
“xtraCHEF’s unique market insights, product expertise, and execution have consistently impressed us. More than that, we love the mission of giving operators greater control of their businesses through real-time data and unprecedented transparency,” said Jeffrey Silverman, Co-Founder and Managing Director of Laconia Capital Group.
xtraCHEF was founded in late 2015 by Andy Schwartz, Bhavik Patel, and Chaz Brown. The founders recognized an opportunity to apply state-of-the-art, enterprise-level technology to the hospitality industry, a historically underserved market with regard to financial and operational technology advancements. Less than three years later, xtraCHEF now digitizes millions of invoices each year and leverages machine learning to build a database of millions of SKUs. Real-time food cost data is made actionable through the platform’s automated reports and dashboards. Today, xtraCHEF helps hundreds of clients across the country to save time, cut costs and better manage their books.